Down from 2022 highs: San Francisco -12%, Seattle -11%, Portland -6%. Denver, Phoenix, Las Vegas -5%. Dallas -4%, San Diego -2%, Los Angeles -1%. However, the price on subway line 8 hit a new high.

Today's “October” S&P CoreLogic Case-Shiller Home Price Index is: The three-month moving average of home prices for which sales are recorded in public records. August, September, October. That's the time frame here. It uses the “Sales Pairs Method” which compares the sales prices of the same homes over time, thereby eliminating the problems associated with median and average prices (see “Methodology” at the end of the article) . But I'll be late.

The story here concerns an individual subway out of the 20 covered. S&P CoreLogic Case-Shiller Home Price Index There, home prices have tripled or quadrupled since 2000, to outrageous levels.

We started calling these the “Greatest Housing Bubbles” around 2017 to track their incredible spike and their fate.

Nine of the 20 metro areas included in the Case-Shiller Index are below their mid-2022 peak. Nine metro areas saw month-over-month declines: Seattle, Denver, Tampa, Washington, DC, Portland, San Francisco, San Diego, Dallas, and Minneapolis. Eight of the 20 subways hit new highs.

Prices fall below 2022 peak 9 of the 20 metropolitan areas in the Case-Shiller Index (% from their respective peaks, Case-Shiller month of peak):

1. San Francisco Bay Area: -11.7% (May 2022)
2. Seattle: -10.9% (May 2022)
3. Portland: -5.8% (May 2022)
4. Las Vegas: -5.3% (July 2022)
5. Denver: -5.2% (May 2022)
6. Phoenix: -5.1% (June 2022)
7. Dallas: -4.4% (June 2022)
8. San Diego: -2.1% (May 2022)
9. Los Angeles: -0.8% (May 2022)

Prices hit new highs In 8 of the 20 metro areas in the index (% YoY):

1. New York subway: +7.1%
2. Detroit: +8.1%
3. Chicago: +6.9%
4. Boston: +6.6%
5. Miami: +6.7%
6. Cleveland: +6.4%
7. Charlotte: +6.0%
8. Atlanta: +5.3%…..

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